(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 9.01 | Financial Statements and Exhibits. | |||||||
(d) Exhibits. |
Exhibit No. | Description of Exhibits | |||||||
Press release dated March 7, 2024 titled "Guidewire Announces Second Quarter Fiscal Year 2024 Financial Results" | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
GUIDEWIRE SOFTWARE, INC. | |||||
By: | /s/ JEFF COOPER | ||||
Jeff Cooper | |||||
Chief Financial Officer | |||||
Date: | March 7, 2024 |
What: | Guidewire Second Quarter Fiscal Year 2024 Financial Results Conference Call | ||||
When: | Thursday, March 7, 2024 | ||||
Time: | 2:00 p.m. PT (5:00 p.m. ET) | ||||
Live Call: | (877) 704-4453, Domestic | ||||
Live Call: | (201) 389-0920, International | ||||
Replay: | (844) 512-2921, Passcode 13744052, Domestic | ||||
Replay | (412) 317-6671, Passcode 13744052, International | ||||
Webcast: | http://ir.guidewire.com/ (live and replay) |
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(unaudited, in thousands) | |||||||||||
January 31, 2024 | July 31, 2023 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 349,989 | $ | 401,813 | |||||||
Short-term investments | 427,634 | 396,872 | |||||||||
Accounts receivable, net | 128,242 | 151,034 | |||||||||
Unbilled accounts receivable, net | 90,966 | 87,752 | |||||||||
Prepaid expenses and other current assets | 63,799 | 62,132 | |||||||||
Total current assets | 1,060,630 | 1,099,603 | |||||||||
Long-term investments | 155,061 | 128,782 | |||||||||
Unbilled accounts receivable, net | 6,796 | 11,112 | |||||||||
Property and equipment, net | 55,109 | 54,499 | |||||||||
Operating lease assets | 48,327 | 52,373 | |||||||||
Intangible assets, net | 11,739 | 14,473 | |||||||||
Goodwill | 372,214 | 372,214 | |||||||||
Deferred tax assets, net | 243,424 | 226,875 | |||||||||
Other assets | 60,220 | 67,957 | |||||||||
TOTAL ASSETS | $ | 2,013,520 | $ | 2,027,888 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | 21,999 | $ | 34,627 | |||||||
Accrued employee compensation | 62,669 | 103,980 | |||||||||
Deferred revenue, net | 195,083 | 206,923 | |||||||||
Other current liabilities | 27,325 | 27,731 | |||||||||
Total current liabilities | 307,076 | 373,261 | |||||||||
Lease liabilities | 39,074 | 42,972 | |||||||||
Convertible senior notes, net | 398,033 | 397,171 | |||||||||
Deferred revenue, net | 4,072 | 5,988 | |||||||||
Other liabilities | 9,152 | 9,030 | |||||||||
Total liabilities | 757,407 | 828,422 | |||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Common stock | 8 | 8 | |||||||||
Additional paid-in capital | 1,903,873 | 1,831,267 | |||||||||
Accumulated other comprehensive income (loss) | (12,434) | (13,859) | |||||||||
Retained earnings (accumulated deficit) | (635,334) | (617,950) | |||||||||
Total stockholders’ equity | 1,256,113 | 1,199,466 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,013,520 | $ | 2,027,888 |
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(unaudited, in thousands except share and per share data) | |||||||||||||||||||||||
Three Months Ended January 31, | Six Months Ended January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Subscription and support | $ | 131,642 | $ | 105,754 | $ | 259,269 | $ | 204,822 | |||||||||||||||
License | 71,083 | 73,115 | 105,108 | 114,067 | |||||||||||||||||||
Services | 38,172 | 53,742 | 83,927 | 109,004 | |||||||||||||||||||
Total revenue | 240,897 | 232,611 | 448,304 | 427,893 | |||||||||||||||||||
Cost of revenue(1): | |||||||||||||||||||||||
Subscription and support | 49,934 | 48,924 | 97,988 | 104,615 | |||||||||||||||||||
License | 1,483 | 1,845 | 2,702 | 3,718 | |||||||||||||||||||
Services | 47,074 | 58,379 | 92,916 | 123,945 | |||||||||||||||||||
Total cost of revenue | 98,491 | 109,148 | 193,606 | 232,278 | |||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Subscription and support | 81,708 | 56,830 | 161,281 | 100,207 | |||||||||||||||||||
License | 69,600 | 71,270 | 102,406 | 110,349 | |||||||||||||||||||
Services | (8,902) | (4,637) | (8,989) | (14,941) | |||||||||||||||||||
Total gross profit | 142,406 | 123,463 | 254,698 | 195,615 | |||||||||||||||||||
Operating expenses(1): | |||||||||||||||||||||||
Research and development | 65,458 | 61,702 | 127,927 | 119,872 | |||||||||||||||||||
Sales and marketing | 49,181 | 44,781 | 93,762 | 91,249 | |||||||||||||||||||
General and administrative | 40,177 | 40,196 | 79,200 | 82,263 | |||||||||||||||||||
Total operating expenses | 154,816 | 146,679 | 300,889 | 293,384 | |||||||||||||||||||
Income (loss) from operations | (12,410) | (23,216) | (46,191) | (97,769) | |||||||||||||||||||
Interest income | 10,290 | 5,392 | 20,903 | 10,030 | |||||||||||||||||||
Interest expense | (1,692) | (1,677) | (3,375) | (3,351) | |||||||||||||||||||
Other income (expense), net | 10,776 | 11,291 | (2,966) | (2,533) | |||||||||||||||||||
Income (loss) before provision for (benefit from) income taxes | 6,964 | (8,210) | (31,629) | (93,623) | |||||||||||||||||||
Provision for (benefit from) income taxes | (2,723) | 979 | (14,245) | (15,116) | |||||||||||||||||||
Net income (loss) | $ | 9,687 | $ | (9,189) | $ | (17,384) | $ | (78,507) | |||||||||||||||
Net income (loss) per share: | |||||||||||||||||||||||
Basic | $ | 0.12 | $ | (0.11) | $ | (0.21) | $ | (0.95) | |||||||||||||||
Diluted | $ | 0.12 | $ | (0.11) | $ | (0.21) | $ | (0.95) | |||||||||||||||
Shares used in computing net income (loss) per share: | |||||||||||||||||||||||
Basic | 82,133,632 | 82,051,867 | 81,912,272 | 82,686,420 | |||||||||||||||||||
Diluted | 83,305,080 | 82,051,867 | 81,912,272 | 82,686,420 |
Three Months Ended January 31, | Six Months Ended January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Stock-based compensation expense: | |||||||||||||||||||||||
Cost of subscription and support revenue | $ | 3,414 | $ | 3,440 | $ | 6,876 | $ | 6,908 | |||||||||||||||
Cost of license revenue | 53 | 119 | 148 | 266 | |||||||||||||||||||
Cost of services revenue | 4,643 | 4,397 | 9,432 | 9,746 | |||||||||||||||||||
Research and development | 10,138 | 10,301 | 20,124 | 19,592 | |||||||||||||||||||
Sales and marketing | 8,190 | 8,024 | 15,919 | 14,911 | |||||||||||||||||||
General and administrative | 9,989 | 9,898 | 20,025 | 19,852 | |||||||||||||||||||
Total stock-based compensation expense | $ | 36,427 | $ | 36,179 | $ | 72,524 | $ | 71,275 |
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(unaudited, in thousands) | |||||||||||||||||||||||
Three Months Ended January 31, | Six Months Ended January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||
Net income (loss) | $ | 9,687 | $ | (9,189) | $ | (17,384) | $ | (78,507) | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 5,492 | 6,606 | 10,934 | 14,229 | |||||||||||||||||||
Amortization of debt issuance costs | 432 | 425 | 862 | 848 | |||||||||||||||||||
Amortization of contract costs | 4,681 | 4,107 | 8,745 | 8,597 | |||||||||||||||||||
Stock-based compensation | 36,427 | 36,179 | 72,524 | 71,275 | |||||||||||||||||||
Changes to allowance for credit losses and revenue reserves | (322) | (243) | (194) | (315) | |||||||||||||||||||
Deferred income tax | (4,170) | (323) | (17,390) | (18,358) | |||||||||||||||||||
Amortization of premium (accretion of discount) on available-for-sale securities, net | (3,296) | (820) | (6,223) | (722) | |||||||||||||||||||
Gain on sale of strategic investment | (1,758) | — | (1,758) | — | |||||||||||||||||||
Other non-cash items affecting net income (loss) | (17) | 42 | (46) | 76 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (34,646) | (38,721) | 22,547 | 16,524 | |||||||||||||||||||
Unbilled accounts receivable | 18,352 | (8,801) | 1,102 | (29,460) | |||||||||||||||||||
Prepaid expenses and other assets | (5,971) | (3,981) | (12,531) | (4,820) | |||||||||||||||||||
Operating lease assets | 2,075 | 1,040 | 4,046 | 4,808 | |||||||||||||||||||
Accounts payable | 4,770 | (3,136) | (12,212) | (2,289) | |||||||||||||||||||
Accrued employee compensation | 14,919 | 13,009 | (39,657) | (32,539) | |||||||||||||||||||
Deferred revenue | 24,137 | 7,284 | (13,756) | (26,291) | |||||||||||||||||||
Lease liabilities | (1,644) | (1,276) | (3,245) | (5,717) | |||||||||||||||||||
Other liabilities | 103 | (982) | 804 | (3,554) | |||||||||||||||||||
Net cash provided by (used in) operating activities | 69,251 | 1,220 | (2,832) | (86,215) | |||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Purchases of available-for-sale securities | (154,607) | (101,097) | (314,846) | (270,329) | |||||||||||||||||||
Maturities and sales of available-for-sale securities | 130,030 | 116,092 | 267,416 | 235,383 | |||||||||||||||||||
Purchases of property and equipment | (2,992) | (1,333) | (3,990) | (1,937) | |||||||||||||||||||
Capitalized software development costs | (2,366) | (2,421) | (6,058) | (6,118) | |||||||||||||||||||
Acquisition of strategic investments | — | (5,660) | (250) | (5,841) | |||||||||||||||||||
Sale of strategic investment | 6,508 | — | 6,508 | — | |||||||||||||||||||
Net cash provided by (used in) investing activities | (23,427) | 5,581 | (51,220) | (48,842) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||
Proceeds from issuance of common stock upon exercise of stock options | 4 | 2 | 4 | 2 | |||||||||||||||||||
Repurchase and retirement of common stock | — | — | — | (200,000) | |||||||||||||||||||
Net cash provided by (used in) financing activities | 4 | 2 | 4 | (199,998) | |||||||||||||||||||
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 2,742 | 4,933 | (1,561) | 1,941 | |||||||||||||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 48,570 | 11,736 | (55,609) | (333,114) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period | 302,611 | 269,836 | 406,790 | 614,686 | |||||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period | $ | 351,181 | $ | 281,572 | $ | 351,181 | $ | 281,572 |
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||||||||||
(unaudited, in thousands) | |||||||||||||||||||||||
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below: | |||||||||||||||||||||||
Three Months Ended January 31, | Six Months Ended January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Gross profit reconciliation: | |||||||||||||||||||||||
GAAP gross profit | $ | 142,406 | $ | 123,463 | $ | 254,698 | $ | 195,615 | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 8,110 | 7,956 | 16,456 | 16,920 | |||||||||||||||||||
Amortization of intangibles | 485 | 485 | 970 | 2,390 | |||||||||||||||||||
Non-GAAP gross profit | $ | 151,001 | $ | 131,904 | $ | 272,124 | $ | 214,925 | |||||||||||||||
Income (loss) from operations reconciliation: | |||||||||||||||||||||||
GAAP income (loss) from operations | $ | (12,410) | $ | (23,216) | $ | (46,191) | $ | (97,769) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 36,427 | 36,179 | 72,524 | 71,275 | |||||||||||||||||||
Amortization of intangibles | 1,367 | 1,367 | 2,734 | 4,154 | |||||||||||||||||||
Acquisition consideration holdback | 299 | 730 | 685 | 1,503 | |||||||||||||||||||
Non-GAAP income (loss) from operations | $ | 25,683 | $ | 15,060 | $ | 29,752 | $ | (20,837) | |||||||||||||||
Net income (loss) reconciliation: | |||||||||||||||||||||||
GAAP net income (loss) | $ | 9,687 | $ | (9,189) | $ | (17,384) | $ | (78,507) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 36,427 | 36,179 | 72,524 | 71,275 | |||||||||||||||||||
Amortization of intangibles | 1,367 | 1,367 | 2,734 | 4,154 | |||||||||||||||||||
Acquisition consideration holdback | 299 | 730 | 685 | 1,503 | |||||||||||||||||||
Amortization of debt issuance costs | 432 | 425 | 862 | 848 | |||||||||||||||||||
Gain on sale of strategic investment (1) | (1,809) | — | (1,809) | — | |||||||||||||||||||
Tax impact of non-GAAP adjustments | (7,327) | (46,863) | (18,820) | (26,485) | |||||||||||||||||||
Non-GAAP net income (loss) | $ | 39,076 | $ | (17,351) | $ | 38,792 | $ | (27,212) | |||||||||||||||
Tax provision (benefit) reconciliation: | |||||||||||||||||||||||
GAAP tax provision (benefit) | $ | (2,723) | $ | 979 | $ | (14,245) | $ | (15,116) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 3,839 | 56,765 | 7,218 | 84,391 | |||||||||||||||||||
Amortization of intangibles | 144 | 2,145 | 272 | 4,339 | |||||||||||||||||||
Acquisition consideration holdback | 32 | 1,145 | 68 | 1,753 | |||||||||||||||||||
Amortization of debt issuance costs | 46 | 667 | 86 | 1,000 | |||||||||||||||||||
Gain on sale of strategic investment (1) | (191) | — | (191) | — | |||||||||||||||||||
Tax impact of non-GAAP adjustments | 3,457 | (13,859) | 11,367 | (64,998) | |||||||||||||||||||
Non-GAAP tax provision (benefit) | $ | 4,604 | $ | 47,842 | $ | 4,575 | $ | 11,369 |
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||||||||||
(unaudited, in thousands except share and per share data) | |||||||||||||||||||||||
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below: | |||||||||||||||||||||||
Three Months Ended January 31, | Six Months Ended January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income (loss) per share reconciliation: | |||||||||||||||||||||||
GAAP net income (loss) per share – diluted | $ | 0.12 | $ | (0.11) | $ | (0.21) | $ | (0.95) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 0.44 | 0.44 | 0.88 | 0.86 | |||||||||||||||||||
Amortization of intangibles | 0.02 | 0.02 | 0.04 | 0.05 | |||||||||||||||||||
Acquisition consideration holdback | — | 0.01 | — | 0.02 | |||||||||||||||||||
Amortization of debt issuance costs | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||||||||||
Gain on sale of strategic investment (1) | (0.02) | — | (0.02) | — | |||||||||||||||||||
Tax impact of non-GAAP adjustments | (0.09) | (0.58) | (0.23) | (0.34) | |||||||||||||||||||
Interest expense on convertible debt (2) | 0.01 | — | — | — | |||||||||||||||||||
Non-GAAP dilutive shares excluded from GAAP net income (loss) per share calculation | (0.03) | — | (0.01) | — | |||||||||||||||||||
Non-GAAP net income (loss) per share – diluted | $ | 0.46 | $ | (0.21) | $ | 0.47 | $ | (0.34) | |||||||||||||||
Shares used in computing Non-GAAP income (loss) per share amounts: | |||||||||||||||||||||||
GAAP weighted average shares – diluted | 83,305,080 | 82,051,867 | 81,912,272 | 82,686,420 | |||||||||||||||||||
Non-GAAP dilutive shares excluded from GAAP income (loss) per share calculation | 3,516,480 | — | 1,031,222 | — | |||||||||||||||||||
Pro forma weighted average shares — diluted` | 86,821,560 | 82,051,867 | 82,943,494 | 82,686,420 |
Three Months Ended January 31, | Six Months Ended January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Free cash flow: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 69,251 | $ | 1,220 | $ | (2,832) | $ | (86,215) | |||||||||||||||
Purchases of property and equipment | (2,992) | (1,333) | (3,990) | (1,937) | |||||||||||||||||||
Capitalized software development costs | (2,366) | (2,421) | (6,058) | (6,118) | |||||||||||||||||||
Free cash flow | $ | 63,893 | $ | (2,534) | $ | (12,880) | $ | (94,270) |
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Outlook | |||||||||||||||||||||||
The following table reconciles the specific items excluded from GAAP outlook in the calculation of non-GAAP outlook for the periods indicated below (in millions): | |||||||||||||||||||||||
Third Quarter Fiscal Year 2024 | Fiscal Year 2024 | ||||||||||||||||||||||
Income (loss) from operations outlook reconciliation: | |||||||||||||||||||||||
GAAP income (loss) from operations | $(34) | — | $(28) | $(71) | — | $(61) | |||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 37 | — | 37 | 147 | — | 147 | |||||||||||||||||
Amortization of intangibles | 1 | — | 1 | 5 | — | 5 | |||||||||||||||||
Acquisition consideration holdback | — | — | — | 1 | — | 1 | |||||||||||||||||
Non-GAAP income (loss) from operations | $4 | — | $10 | $82 | — | $92 | |||||||||||||||||
Cover Page |
Mar. 07, 2024 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Mar. 07, 2024 |
Entity Registrant Name | Guidewire Software, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35394 |
Entity Tax Identification Number | 36-4468504 |
Entity Address, Address Line One | 970 Park Pl., Suite 200 |
Entity Address, City or Town | San Mateo |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94403 |
City Area Code | 650 |
Local Phone Number | 357-9100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.0001 par value |
Trading Symbol | GWRE |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001528396 |
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